Silvermines Group PLC
14 December 1999
Silvermines Reduction of Share Premium Account
and Change of Name to Vislink plc
Silvermines Group plc ('Silvermines') is pleased to announce that, at the
extraordinary general meeting of the Company held yesterday, a resolution was
passed by shareholders to affect a reduction in the Company's share premium
account. The EGM also approved the resolution to change the name of the
Company to Vislink plc ('Vislink').
The EGM approved the reduction of the share premium account by £23,833,000.
This follows the disposal of a number of non-core businesses and assets in the
last three months for total gross proceeds of approximately £27.5 million.
The EGM approved the change of name of the Company from Silvermines Group plc
('Silvermines') to Vislink plc ('Vislink').
The appropriate applications will be made to the High Court in Dublin in due
course to confirm the share premium reduction and to Companies House to
approve the name change.
Silvermines' Chief Executive Ian Scott-Gall commented on the resolutions:
'The reduction in our share premium account is necessary to strengthen the
parent company's Balance Sheet following our recent strategic disposals. We
believe that our new name, Vislink plc, better reflects the focus we have
placed on higher technology and faster growth businesses for the future.'
For further information please contact:
Ian Scott-Gall
Chief Executive, Silvermines
Tel: 01189 324 333
Andrew Sharkey / Emmanuel Kenning
Luther Pendragon
Tel: 020 7353 1500